BITCOIN → False breakout of the all-time high zone

4 Okt

BTCUSDT is rising amid the US government shutdown and testing the all-time high zone and resistance at 123.3K - 123.7K. A false breakout has formed and the market is moving into local consolidation.



The price is reacting aggressively to the retest of the uptrend support. A rally is forming, and Bitcoin is testing the ATH zone. As part of the distribution (14% rally), the price reaches an important resistance zone, behind which lies a liquidity pool - 123.3K - 124.5K. However, the growth ends with a false breakout and subsequent price consolidation in the sales zone. To break through such a strong zone, the market needs significant consolidation, which is currently lacking, and the news that caused the price to grow so strongly has already partially exhausted its potential. Thus, the market may move into consolidation, correction to accumulate potential, or wait for the next bullish driver.

Resistance levels: 123.3K, 123.7K, 124.5K
Support levels: 119.2K, 117.8K

I do not rule out the possibility of a retest of 123.7 - 124.5, but technically, on Friday, the market began a sell-off (profit-taking), forming a sufficiently long shadow on the daily candlestick. In the medium term, I expect a correction to the local break-even and imbalance zone of 119K - 117K before another attempt at growth is made

Best regards, R. Linda!

7 hari lalu

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kelmarin

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